6 unchanged sentences
We review our dividend policy on a regular basis.
−Removed: Although subject to any contractual or regulatory restrictions or other limitations on the payment of dividends, future dividends will be at the discretion of the Board of Directors and will depend upon, among other factors, earnings, financial condition and other requirements.
+Added: Although subject to any contractual or regulatory restrictions or other limitations on the payment of dividends, future dividends will be at the discretion of the Board of Directors and will depend upon earnings, financial condition and other factors.
Performance Graph
6 unchanged sentences
Peer Group $100.00 $76.86 $83.84 $93.64 $90.75 $118.98
−Removed: The 9 companies in the Peer Group are:
+Added: The nine companies in the Peer Group are:
Atmos Energy Corporation;
7 unchanged sentences
and Spire Inc.
−Removed: South Jersey Industries was removed from the Peer Group since the company is no longer a publicly held entity.
This performance graph and accompanying information shall not be deemed “filed” for purposes of Section 18 of the Exchange Act, or incorporated by reference into any of the Company’s filings under the Securities Act, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.
3 unchanged sentences
The share repurchase plan will expire when we have repurchased all shares authorized for repurchase thereunder, unless it is terminated earlier by action of our Board of Directors or additional shares are authorized for repurchase.
−Removed: The following table sets forth NJR’s repurchase activity for the quarter ended September 30, 2023:
−Removed: Period Total Number of Shares
−Removed: (or Units) Purchased Average Price Paid per Share (or Unit) Total Number of Shares (or Units) Purchased as Part of Publicly Announced Plans or Programs Maximum Number (or Approximate Dollar Value) of Shares (or Units) That May Yet Be Purchased Under the Plans or Programs
−Removed: 07/01/23 - 07/31/23 — $ — — 1,685,053
−Removed: 08/01/23 - 08/31/23 — $ — — 1,685,053
−Removed: 09/01/23 - 09/30/23 — $ — — 1,685,053
−Removed: Total — $ — — 1,685,053
+Added: NJR had no repurchase activity for the quarter ended September 30, 2024.
New Jersey Resources Corporation
8 unchanged sentences
NJNG and Adelphia are subject to accounting requirements resulting from the effects of rate regulation.
−Removed: Specifically, NJNG and Adelphia record regulatory assets when it is considered probable that certain operating costs will be recoverable from customers in future periods and record regulatory liabilities when it is probable future obligations to customers exist.
+Added: Specifically, NJNG and Adelphia record regulatory assets when it is considered probable that certain operating costs will be recoverable from customers in future periods and record regulatory liabilities when it is probable that future obligations to customers exist.
Regulatory decisions can have an impact on the recovery of costs, the rate of return earned on investment and the timing and amount of assets to be recovered by rates.
29 unchanged sentences
Our postemployment employee benefit plan assets consist primarily of U.S.
−Removed: equity securities, international equity securities, fixed-income investments and other assets, with a targeted allocation of 34%, 17%, 33% and 16%, respectively.
+Added: equity securities, international equity securities, fixed-income investments and other assets.
Fluctuations in actual market returns, as well as changes in interest rates, may result in increased or decreased postemployment employee benefit costs in future periods.
40 unchanged sentences
However, a change in facts and circumstances as of the acquisition date can result in subsequent adjustments during the measurement period, but no later than one year from the acquisition date.
−Removed: Investments in Equity Investees
−Removed: The Company accounts for its investment in Steckman Ridge using the equity method of accounting where it is not the primary beneficiary, as defined under ASC 810, Consolidation, in that its respective ownership interests are 50% or less and/or it has significant influence over operating and management decisions.
−Removed: The Company’s share of earnings is recognized as equity in earnings of affiliates on the Consolidated Statements of Operations.
−Removed: Equity method investments are reviewed for impairment when changes in facts and circumstances indicate that the current fair value may be less than the asset’s carrying amount.
−Removed: Factors that the Company analyzes in determining whether an impairment in its equity investments exists include reviewing the financial condition and near-term prospects of the investees, including economic conditions and trends in the general market, significant delays in or failure to complete significant projects, unfavorable regulatory or legal actions expected to substantially impact future earnings potential and lower-than-expected cash distributions from investees.
−Removed: If the Company determines the decline in the value of its equity method investment is other than temporary, an impairment charge is recorded in an amount equal to the excess of the carrying value of the asset over its fair value.
−Removed: When impairment indicators are present, the fair value of the Company’s investment in Steckman Ridge is determined using a discounted cash flow method and utilizes management’s best estimates and assumptions related to expected future results, including the price and capacity of firm natural gas storage contracting, operations and maintenance costs, discount rates and the nature and timing of major maintenance and capital investment.
−Removed: Fair value determinations require considerable judgment and are sensitive to changes in underlying assumptions and other factors.
−Removed: As a result, it is reasonably possible that unfavorable developments, such as the failure to execute storage contracts and other services for available capacity at anticipated price levels, could result in an other-than-temporary impairment charge in the Consolidated Financial Statements.
−Removed: New Jersey Resources Corporation
−Removed: MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF
−Removed: OPERATIONS (Continued)
Impairment of Long-lived Assets
12 unchanged sentences
In addition, since we choose not to designate any of our physical and financial natural gas commodity derivatives as accounting hedges, changes in the fair value of ES’s commodity derivatives are recognized in earnings, as they occur, as a component of operating revenues or natural gas purchases on the Consolidated Statements of Operations.
−Removed: Changes in the fair value of foreign exchange contracts are recognized in natural gas purchases on the Consolidated Statements of Operations.
The fair value of derivative instruments is determined by reference to quoted market prices of listed exchange-traded contracts, published price quotations, pipeline tariff information or a combination of those items.
2 unchanged sentences
As of September 30, 2024, the fair value of its derivative assets and liabilities reported on the Consolidated Balance Sheets that is based on such pricing is considered immaterial.
−Removed: Should there be a significant change in the underlying market prices or pricing assumptions, ES may experience a significant impact on its financial position, results of operations and cash flows.
−Removed: Refer to Item 7A.
−Removed: Quantitative and Qualitative Disclosures About Market Risks for a sensitivity analysis related to the impact to derivative fair values resulting from changes in commodity prices.
−Removed: The valuation methods we use to determine fair values remained consistent for fiscal 2023, 2022 and 2021.
−Removed: We apply a discount to our derivative assets to factor in an adjustment associated with the credit risk of its physical natural gas counterparties and to our derivative liabilities to factor in an adjustment associated with its own credit risk.
−Removed: We determine this amount by using historical default probabilities corresponding to the appropriate S&P issuer ratings.
−Removed: Since the majority of our counterparties are rated investment grade, this results in an immaterial credit risk adjustment.
−Removed: Gains and losses associated with derivatives utilized by NJNG to manage the price risk inherent in its natural gas purchasing activities are recoverable through its BGSS, subject to BPU approval.
−Removed: Accordingly, the offset to the change in fair value of these derivatives is recorded as either a regulatory asset or liability on the Consolidated Balance Sheets.
−Removed: CEV hedges certain of its expected production of SRECs through forward and futures contracts.
−Removed: CEV intends to physically deliver all SRECs it sells and recognizes SREC revenue as operating revenue on the Consolidated Statements of Operations upon delivery of the underlying SREC.
−Removed: We have not designated any derivatives as fair value or cash flow hedges as of September 30, 2023 and 2022.
New Jersey Resources Corporation
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.